Vaughan Looks to the Future with Multi-Year Budgets
Vaughan Council marks a significant milestone as it has successfully incorporated a multi-year budget framework into the 2013-2016 budgeting process.
“The City of Vaughan has a long standing commitment to sound financial planning through progressive best practices and practical financial guidelines,” said Mayor Maurizio Bevilacqua. “Building on the financial planning efforts to date, the budget process now includes a future focus and this forward-looking approach will provide our residents with more certainty about the direction of City services, finances and tax levels. As the City moves forward, financial sustainability will continue to be a key priority.”
Multi-year budgeting is intended to proactively identify future challenges and opportunities and prepare for the future by understanding the longer-term financial implications of present and past initiatives. It provides many advantages over the traditional annual budgeting process, including increased long-term planning and a more strategic approach to allocating resources.
The need for a long-range financial plan was recognized by the City as early as 1994 and the concept of multi-year budgets was originally introduced in 2010 as a phased-in approach to the budgeting process. The City’s goal of achieving a four-year rolling budget began with implementing a two-year plan in 2010 and adding an additional year to each subsequent budget cycle. As a result, the four year target has been reached, building a comprehensive long-term financial planning model.
Vaughan Council continues to demonstrate financial leadership and discipline as it undertakes the four-year budgeting platform,” said City Manager Clayton Harris. “Forecasting future budgets is based on assumptions and estimates. Estimates are continually revised as better information becomes available. Consequently, Council approves the first year budget and will be informed of forecasts addressing future requirements and opportunities.”
The public is invited to attend the upcoming 2013-2016 budget meeting scheduled for Monday, November 26, 2012, from 7 p.m. to 10 p.m.
“The City of Vaughan has a long standing commitment to sound financial planning through progressive best practices and practical financial guidelines,” said Mayor Maurizio Bevilacqua. “Building on the financial planning efforts to date, the budget process now includes a future focus and this forward-looking approach will provide our residents with more certainty about the direction of City services, finances and tax levels. As the City moves forward, financial sustainability will continue to be a key priority.”
Multi-year budgeting is intended to proactively identify future challenges and opportunities and prepare for the future by understanding the longer-term financial implications of present and past initiatives. It provides many advantages over the traditional annual budgeting process, including increased long-term planning and a more strategic approach to allocating resources.
The need for a long-range financial plan was recognized by the City as early as 1994 and the concept of multi-year budgets was originally introduced in 2010 as a phased-in approach to the budgeting process. The City’s goal of achieving a four-year rolling budget began with implementing a two-year plan in 2010 and adding an additional year to each subsequent budget cycle. As a result, the four year target has been reached, building a comprehensive long-term financial planning model.
Vaughan Council continues to demonstrate financial leadership and discipline as it undertakes the four-year budgeting platform,” said City Manager Clayton Harris. “Forecasting future budgets is based on assumptions and estimates. Estimates are continually revised as better information becomes available. Consequently, Council approves the first year budget and will be informed of forecasts addressing future requirements and opportunities.”
The public is invited to attend the upcoming 2013-2016 budget meeting scheduled for Monday, November 26, 2012, from 7 p.m. to 10 p.m.